Law Firm Transactional Work Rebounds - Free Websites, Share News And Posts Publicly

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Aug. 5, 2024

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What’s going on today?

Elon Musk revived a lawsuit against OpenAI and its CEO Sam Altman.
Disbarred lawyer Tom Girardi faces a federal jury trial in Los Angeles.
Virginia man charged with threatening Vice President Kamala Harris.

Law firm transactional work rebounds after 3-year slump, report says

REUTERS/Axel Schmidt

Demand for transactional practices is on the upswing after nearly three years of sluggish performance — one of several strong economic indicators for law firms in the second quarter of 2024, an analysis has found.

Demand for corporate transactional work, which can include contract drafting, real estate deals and bank financing, was up 2.2% in the second quarter compared with the previous year, according to Thomson Reuters Institute’s Law Firm Financial Index, which tracks key financial metrics across 195 large and midsize law firms. Read more.

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Illinois governor approves business-friendly overhaul of biometric privacy law

REUTERS/Jeenah Moon

Illinois Governor J.B. Pritzker signed a bill into law that will significantly curb the penalties companies could face for improperly collecting and using fingerprints and other biometric data from workers and consumers.

The bill amends the state’s Biometric Information Privacy Act (BIPA) so that companies can be held liable only for a single violation per person, rather than for each time biometric data is allegedly misused. The amendments will dramatically limit companies’ exposure in BIPA cases. Read more.

In other news …

Bangladesh Prime Minister Sheikh Hasina resigned and fled the country … Wall Street’s main indexes slumped as U.S. recession fears rippled through global markets … Charles Schwab, Vanguard and other online brokerages reported service disruptions, frustrating investors … Kamala Harris has narrowed her search for a vice presidential running mate to two finalists, sources say … Storm Debby made landfall as a Category 1 hurricane in the Big Bend region of Florida … California wildfire is now the fourth-largest in state history.